HSBC invoice financing to aid small firms
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HSBC plans to offer a range of guidance and services to help companies collect invoice payments via the internet, telephone and its branch network, in a bid to reduce the financial side-effects of not receiving payment.
"Just one late payment can have a domino effect on the rest of a business," said Steve Bottomley, HSBC's head of raising finance.
"But many small business owners worry about upsetting their major clients by chasing them, or imposing interest charges."
HSBC estimate that ten per cent of companies whose bills go unpaid are often unable to pay their workforce if a payment is a week late. Around 38 per cent of businesses with late payment difficulties struggle to pay their own bills on time, whilst in some cases consist late payments can lead to business failures due to interrupted cash flow.
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